Finance Ministry announces €1.9bn surplus

The Ministry of Finances announced there was a 1.9-billion-euro surplus in public revenue for 2015, which will put the Greek government in a better negotiating position regarding the fiscal targets for the years up to 2018.

Last year, public revenue amounted the 51.406 billion euros, when the target was 49.491 billion euros. This surplus has been attributed in taxpayers and businesses paying taxes and the overall improvement of the Greek economy compared to earlier estimates.

Growth in the second half of 2016

If the economy continues to improve, it is highly likely that it may return to growth in the second half of 2016. This was also noted by the president of Piraeus Bank Michalis Sallas on Tuesday. Senior bankers have also estimated that the growth rate may reach 1% if the privatizations go ahead as planned.

The budget for 2016 predicts a 0.5% GDP primary surplus, which will be attained by improving tax-collection efficiency and the recession giving way to growth.